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Technology Stocks : VLSI Technology - Waiting for good news from NASDAQ !!!
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To: Linda Kaplan who wrote (4714)10/20/1998 4:44:00 PM
From: DanZ  Read Replies (1) of 6565
 
Hi Linda,

Thanks for your concern. You're a real sweetie. I covered my VLSI short at 9 7/16 on the dip this afternoon so I came out with a 7/16 point profit. I was really sweating it out when the stock got to 11 3/16 but I held on. I actually placed an order to short more at 10 3/4 but the price moved down so fast that I didn't get filled. Quite obviously I'm not happy that I sold yesterday at 8 1/8 but that's the way it goes sometimes. In general, I think it's better to stick with the plan than to deviate. Deviating got me into big trouble in July when VLSI tanked. I'm really happy for everybody and hope you all took some money off the table when it got over 11.

I really don't think VLSI moved on any specific news today. My guess is that momentum investors, day traders, and short covering created a lot of demand for the stock. However, the sell off from 11 3/16 to 9 5/8 shows that many are still willing to sell the stock on rallies. My guess for support is 8 3/4 to 9 and resistance 12 to 12 1/2. That's a wide trading range and I think money can be made both long and short as long as you are willing to sweat it out lol.

OT: I was in a shorting mood today in general because I thought the major averages were near resistance and they had moved up a bunch recently. I flipped ATML three times from the short side for 1/4, 5/16, and 3/8 point profits. I also flipped DIA from the short side for 9/16 gain. I'm ashamed to say because you are long PIR, but I also shorted it at 9 1/2 and 9 3/16. I placed a limit order to cover one of the shorts at 9 3/16 when it got to 9 1/8 x 9 3/16 but I didn't get filled because the stock moved up too fast. Maybe tomorrow.

Have a great evening everyone, and especially you Linda!

Dan
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